2024-04-11 07:01:22
The cost of gold continues to grow rapidly on world markets, reaching another high. This is evidenced by trading data, Day.Az reports with reference to Gazeta.ru.
By 14:46 Baku time, quotes for June gold futures on the New York Comex exchange increased by 0.7% to $2,361.7 per ounce. Since the beginning of 2023, the price of gold has increased about 12%.
Analysts at UBS, led by Giovanni Staunovo, said the rally in the precious metal market was “faster and stronger than our positive forecasts.” In this regard, experts revised their estimates: the forecast for June was increased by $250, to $2,300 per ounce, and for the end of the year – also by $250, to $2,500 per ounce.
According to analysts, further price increases are expected after the Federal Reserve’s first key rate cut, as this will trigger a new wave of gold purchases by exchange-traded funds.
In turn, Citi analysts also raised their forecast for the next three months by 9%, to $2,400 per ounce. In the second half of 2024, quotes for the precious metal, according to experts, could reach $2,500 per ounce.